S&P lowers AEON Credit Service (Asia)

S&P said it lowered the long-term issuer credit rating on AEON Credit Service (Asia) Co. Ltd. (ACSA) to BBB- from BBB.

The outlook is stable.

At the same time, S&P lowered the short-term issuer credit rating on ACSA to A-3 from A-2.

“We downgraded ACSA due to weakened parent support. AEON Co. Ltd. (AEON; BBB/stable/--) was downgraded on April 25, 2019, because of its increased financial leverage and weaker-than-expected operating performance,” S&P said in a news release.

“We believe AEON's weakened overall credit profile reflects a reduced ability for the company to provide extraordinary financial support to its subsidiaries.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.